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Surveys point to two-track economy with low consumer confidence but business in a relatively strong position to weather any slowdown
While labour costs have risen greatly, new NAB data shows that business conditions have eased and SME confidence has returned to positive territory. According to NAB’s Monthly Business Survey for
While Australian businesses grapple with growing challenges there are glimmers of optimism reported by some brokers. Recent data from various reports and surveys point to growing challenges faced by
SYDNEY (Reuters) -Australian retail sales volumes fell again in the June quarter as cost of living pressures and rising borrowing costs ate into consumer spending power, hampering economic growth and weakening the case for further interest rate hikes. Data from the Australian Bureau of Statistics on Thursday showed real retail sales fell 0.5% in the second quarter to A$35.2 billion ($23.02 billion), matching analyst forecasts. That was the third straight quarter of declines, a losing streak that has only happened once before - in the run up to the global financial crisis in 2008.
AMP chief economist Shane Oliver said it would take a recession for Australia to slash its immigration level. This would see a repeat of the early 1990s after a surge in interest rates.